Abstract: Co-innovation is of great significance for enhancing the technological innovation capability of enterprises and promoting the modernization of the industrial chain.The study of the basic paradigm of co-innovation can lay a theoretical and practical foundation for future academic and practical work. In the specific context of China facing the bottleneck problem in the industrial chain, the evolution of the technological innovation paradigm from open innovation and collaborative innovation to co-innovation is an inevitable result. Co-innovation is essentially an interdependent and mutually reinforcing innovation ecosystem formed through complementary advantages, resource sharing, and value co-creation among enterprises. Strengthening technological and economic connections among upstream, midstream, and downstream enterprises, as well as deepening specialized division of labor and cooperation among large, small and medium-sized enterprises, constitute the basic connotation of co-innovation. Product innovation based on context-driven, technology innovation based on factor sharing, market innovation based on joint sailing, raw material innovation based on supply coordination, and organizational innovation based on digital transformation are the extension of co-innovation.